FHA Loans
Your Path to Homeownership
Discover the Advantages of FHA Loans
At GenPoint Mortgage, we offer FHA loans, a popular choice for many homebuyers, especially those who may be purchasing their first home or who have less-than-perfect credit. These loans are backed by the Federal Housing Administration, making them an accessible and flexible option for a wide range of buyers.
Why Consider an FHA Loan?
- Low Down Payment: FHA loans require as little as 0% down, making it easier to buy a home without needing a large upfront investment.
- Flexible Credit Requirements: FHA loans are known for their more forgiving credit standards, which can help you qualify even if your credit history isn’t ideal.
- Competitive Interest Rates: FHA loans typically offer competitive interest rates, which can help lower your monthly mortgage payments and save you money over time.
- Assumable Loans: FHA loans are assumable, meaning that if you sell your home, the buyer can take over your existing FHA loan, which could be a selling point if market rates rise.
- Low Closing Costs: The FHA limits the amount you can be charged for closing costs, helping to keep your overall expenses down.
Eligibility
FHA loans are available to:
- First-time homebuyers
- Those with lower credit scores
- Individuals looking to refinance their existing mortgage
- Buyers with limited savings for a down payment
How We Can Help
Our knowledgeable team at GenPoint Mortgage is here to guide you through the FHA loan process. From understanding eligibility to finding the right loan terms for your needs, we’ll provide the support and expertise you need to make your homeownership dreams a reality.
Frequently Asked Questions
Answers to common questions about FHA mortgages.
You must have a valid SSN and be a legal resident of the US. You should have a verifiable and stable income, a debt-to-income ratio below 50%, and a minimum down payment of 3.5% (which can vary based on your credit score). This down payment can be provided as a gift from a family member. The property must serve as your primary residence and be appraised by an FHA-approved appraiser, meeting specific standards.
You must pay FHA mortgage insurance, which includes both an upfront fee as part of your closing costs and a monthly premium throughout the life of the loan. The property must meet strict requirements, being structurally sound and adhering to specific standards; thus, FHA loans may not be suitable for fixer-uppers. The property must be your primary residence, as FHA loans cannot be used for vacation or investment properties. Additionally, the maximum loan amount is limited and varies depending on the property’s location.